Government urged to use rural banks for Common Fund

The government is being urged to help rural banks to compete

Minister of Finance, Mr Seth Terkper

Togbe Binah Lawluvi VI, Paramount Chief of Ziope and President of Association of Rural Banks, Volta Chapter on Friday appealed to government to channel the District Assemblies Common Funds through rural banks.

He said this is because limiting the opportunity to universal banks puts districts without such banks at great disadvantage.

Togbe Lawluvi made the appeal at a durbar to climax   the Banking Week Celebration by the Association at Ziope.

He explained that a number of districts do not have universal banks and had to travel several kilometers to access the facility whilst rural banks located in those districts could have equally disbursed such funds and speed up development.

“We are now networked and we do money transfers, so these things are easy for us.”

Togbe Lawluvi said rural banks continue to champion socio-economic and infrastructural developments in their locations and needed support from government.

He said for instance, Unity Rural Bank played major roles in the establishment of Ziope Senior High School and rural electrification in the Agotime-Ziope District and with some support from government could do more.

Mr Francis Ganyaglo, Deputy Volta Regional Minister underscored the importance of rural banks in the extension of credit facilities to peasant farmers, fishermen, cottage industries and salaried workers.

He said despite the successes, fraudulent activities of some within the banking system calls for necessary strategies to curb such malpractices, which threaten the survival of rural and community banks.


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